The Dollar Smile and the Carry Trade

It's expensive to be short dollars for a prolonged period so then you'll get corrections like today where people just get annoyed and and buy all the buy all their positions back. When it's kind of like in the middle like goldilocks or or stumbling stumbling through kind of thing that's when generally that's like the textbook dollar cell environment now. The only thing is that us yields are still pretty high so  people would rather be long currencies that are higher yielding because it's just you know it gives you a little margin of safety.